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Financial Rates:
2.5
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Customer Service:
5.0
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Website Experience:
3.0
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Bank Fees:
5.0
Pros:
- Variety of accounts available
- Competitive interest rates on accounts
- Most accounts do not have monthly fees
- Low opening required amounts
Cons:
- Earning interest has set requirements
- Tiered interest rates on accounts
- Not all rate information listed
- Interest rates may change without notice
What You Need to Know
Axos Bank offers a good variety of bank accounts. They offer cash-back and interest-earning checking accounts. They offer a checking account for those over 55 and for teens. Axos offers money market and savings account, along with CDs. Their CD terms range from three to 60 months. Axos offers checking, savings, and money market accounts for businesses. They also offer lending options for personal accounts and business accounts.
The Axos Bank accounts offer competitive interest rates. The rates are slightly lower than other online accounts but still competitive. Axos Bank interest rates are much higher than typical bank rates. There is not a set account balance required to earn interest.
The Axos Bank accounts do not have monthly fees. The accounts do not have set balances that you must keep in your account to avoid fees. These accounts are free. The only accounts with a fee are the Second Chance and World checking accounts. That fee is $6.95 a month with a direct deposit for the Second Chance account. The World checking account fee is $30 if your balance falls below $150,000.
The minimum opening required amount for Axos accounts are low. Most of the Axos checking accounts require $50 to open. The World checking account requires $75,000 to open. The savings accounts require $50 to open. The High Yield savings and IRA savings accounts requires $250. The High Yield money market account and CDs both require $1,000 to open.
The Axos Rewards checking account has requirements to earn competitive interest rates. The more requirements you meet, the more interest you earn. To earn the most competitive rate, you must have a direct deposit into your account and make 15 debit card transactions each month.
Most Axos accounts have tiered interest rates. To earn the most competitive interest rates requires a high account balance. The highest tier requires more than $100,000 in the account. Some checking accounts will not earn interest if the balance is over $150,000.
Not all the rate information for Axos accounts is on the website. The disclosures say accounts have tiered interest rates. The Axos website does not list the rates for the different tiers. To find the specific rates for the tiers call customer service.
Interest rates for Axos accounts may change without notice. This applies to their checking, savings, and money market accounts. The rates are subject to change without giving the customer notice. The interest rates on CDs are also subject to change at the bank's discretion.
Cool Things
ATM Fee Reimbursement
Most Axos accounts offer ATM fee reimbursements. Four checking accounts offer unlimited domestic ATM fee reimbursement. Those are the Essential, Rewards, World, and Cashback accounts. The First checking account, for teens, offers $12 reimbursement in domestic ATM fees each statement cycle. The Golden checking account for those 55 or older offers $8 per cycle in ATM fee reimbursements.
History
Axos Bank started in 2000 as Bank of Internet USA. They started as a digital bank offering their basic checking account. They opened on July 4, to celebrate their independence from traditional banking.
In 2016, they launched their Universal Digital Banking platform. This allowed digital accounts for more customers. They also partnered with H&R Block and Nationwide that year. In 2018 they changed their names to Axos Bank. At this time, they began trading on the New York Stock Exchange.
In that short time of being open, Axos has grown to have around $10 billion in assets. Their headquarters are in San Diego, California. They have branch locations in California, Nevada, Utah, and Kansas.
Awards and Recognition
- Named One of America’s Best Banks by Forbes
- Best Online Banks by MyBankTracker
- Best Checking Accounts by MyBankTracker
- Best Checking Account in American by GoBankingRates.com
Giving Back
BofI, which name changed to Axos, has supported the SEAL Family Foundation. They continued their support in 2018 to the SEAL Family Foundation. The SEAL Family Foundation supports Navy families. They support local, national, and global families.
Frequently Asked Questions
Yes. Axos Bank is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.
Through ATM or debit cards, checks, and wire transfers. You can transfer money electronically between Axos accounts or external bank accounts. You can also access your money through bill pay and telephone transfers.
Yes. With the mobile app, you can see account balances and transfer money between accounts. You can pay bills and deposit checks through the mobile app.
There are no monthly maintenance fees for most Axos accounts. There are no set account balances required to keep in these accounts. Only the Second Chance and World checking accounts have monthly fees.
Axos offers a good variety of accounts. The opening required amounts are low and most accounts do not have monthly fees. The checking accounts offer ATM fee reimbursement. The interest rates for Axos accounts are slightly lower than other online accounts. Their rates are still much higher than typical bank accounts.
Axos Bank has 128-bit SSL encryption on personal information. They make regular updates to prevent and detect malicious software. You are logged out after a set time of inactivity. They monitor accounts regularly for fraud. They have security measures that comply with federal law.
Yes. The rates are slightly lower than other online accounts. They do offer rates that are much higher than typical bank rates. Some accounts may have tiered interest rates. To earn the highest rate for those accounts requires a high account balance.
Yes. They offer checking, savings, and money market accounts for small businesses. They offer lending options for businesses as well.
The interest rates are much higher. Everything for Axos accounts can be done online or through the mobile app.
The Rewards checking account earns interest. To earn the most competitive rate, you must meet set requirements. That includes a direct deposit and a set number of debit card transactions. The First and Golden checking accounts both earn interest as well. The First checking account is for teens, and the Golden checking is for those over 55.
By phone, email, mail, or online chat. Customer service is open 24 hours a day, seven days a week. They are available every day but Thanksgiving and Christmas. Once you are a customer, you can send a secure message through online banking.
Yes. You can pay bills through the mobile app or by logging into online banking through the website.
You can deposit cash into your Axos Bank accounts through ATMs or at a local branch location. You can also have a cashier at specific businesses add cash directly to your Axos Bank debit card. The retailer may charge a fee to load money to the debit card.
The initial funding takes two to three business days after Axos receives the deposit.
Yes. You can have money directly deposited into Axos Bank accounts. Having a direct deposit into the Rewards checking account is one of the requirements to earn competitive rates.
Bank Contact Information
Axos BankP.O. Box 509127
San Diego, CA, 92150
1-888-502-2967
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| Savings (Rate as of 11/21/2024) | |
| APY | 4.00% |
|---|---|
| Rate | 3.92% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC | |
| Savings (Rate as of 11/21/2024) | |
| APY | 4.75% |
|---|---|
| Rate | 4.64% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC No monthly maintenance fee, $0 to open, easily grow your money | |
The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guarantee the accuracy or availability of any rates shown. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own website where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
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1 APY stands for Annual Percent Yield. It's different from Rate because it takes into account compounding interest for the year.
2 MMA stands for Money Market Account. It's a savings and checking hybrid, allowing you to earn interest and use checks 6 times a month.